Ashlee Simpson and Fall Out Boy bassist Pete Wentz are engaged, People.com reports. "We know there has been a lot of speculation recently about Pete and I and we wanted our fans to be the first to know, because you guys are the best," Ashlee posted on MySpace. "Yes, we are thrilled to share that we are happily engaged. Thank you for all of your support and well wishes—it means the world to us." The couple, who were first seen kissing at a NYC nightclub in 2006, say that they are best friends.

Wedding rumors first started when the 23-year-old singer was spotted wearing a diamond ring last February. At the time, she said it was a promise ring and that "It just means that he hasn't asked my dad yet." No word yet about the couple's wedding plans, so check back for our coverage! —Kathryn Papanek